Daily Market Highlights (11.02.11)

  • MIA and MaltaPost continue to outperform the local equity market. MSE Share Index down 0.1% today to 3,856.828 points as losses in HSBC, BOV, GO and Farsons outweighed the increases in MIA and MaltaPost. Meanwhile IHI and Middlesea close unchanged. Share Index closes this shortened week 0.2% lower mainly due to the negative performances of HSBC, BOV and GO. Download a copy of today’s Equity Market Summary.
  • Despite this morning’s minimal recovery from its 19-month low, the Rizzo Farrugia MGS Index still ended the week 0.3% lower at 979.94 points. On Wednesday, the Treasury established the prices of the two new Malta Government Stock issues at 101.25% for the 4.25% MGS 2017 (III) (YTM: 4.03% per annum) and 101.50% for the fungible issue of the 5.25% MGS 2030 (I) (YTM: 5.13% per annum). Subscriptions are open between Monday 14 February and Wednesday 16 February. Application forms available here.
  • Further demand for MIA shares lifts the equity another 2.2% higher to a fresh 59-month high of €1.85 across 10,400 shares. Equity closed the week as the best performer with a 5.7% increase. MIA also currently ranks as the best performing equity this year with a year-to-performance of +11.45% following the 12.8% increase in passenger numbers during 2010 and a further 14.9% growth in passenger movements during January 2011.
  • MaltaPost also continues to shine as the share price of the postal operator climbs another 1.9% today to hit a new all-time high of €1.07. Over 25,300 shares exchanged today with further bids unsatisfied at the last traded price and no offers in sight. This morning the Malta Stock Exchange announced that 1,107,613 new MaltaPost shares have been admitted to the Official List following the recent scrip dividend issue, representing a high take-up of 83.3%.
  • HSBC’s share price slips 0.9% lower to the €3.47 level across twelve trades totalling 39,224 shares. The Bank is scheduled to publish its 2010 full-year results next Friday 18 February.
  • BOV trades at an intra-day low of €3.011 before recovering to end the sessions minimally lower at €3.049. Volumes remain high with a further 57,280 shares changing hands this week. BOV’s share price drops 2.6% this week following the publication of the Interim Statement revealing fair value mark downs during the first quarter of their financial year and media reports related to MFSA’s investigation into the Bank’s property fund. Further details on the Interim Directors’ Statement available here.
  • GO also recovered from an intra-day low of €1.88 to close just €0.001 below its previous close of €1.90 across four trades amounting to 3,671 shares. GO’s equity ended the week 1.1% lower as uncertainty about the Group’s investment in Forthnet weighs on investor sentiment. In the meantime, this morning Forthnet announced that its Vice Chairman and CEO Pantelis Tzortzakis resigned from the Company with immediate effect. Following this resignation the Company replaced the outgoing CEO with Panos Papadopoulos. The new CEO is also one of the founders of the Greek Company and has been heading a number of vital departments including Deputy Chief Executive Officer of NOVA.
  • Share price of Simonds Farsons Cisk slips by 0.6% to the €1.80 level on a single trade of 1,655 shares. Further offers unsatisfied at the closing price whilst best bids now pitched at the €1.70 level.
  • Low turnover in IHI and Middlesea during this morning’s session. A single trade of 1,000 IHI shares unchanged at the €0.97 level (+2.1% this week) with 30 Middlesea shares executed at the €1.04 level representing a weekly rise of 2%.

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